The U.S. Securities and Exchange Commission (SEC) is preparing to release a draft set of rules dubbed 'Reg Crypto' that would set core standards for regulating the cryptocurrency industry. The proposal has entered the final stage of a White House review process, it was reported.

CoinDesk, a blockchain media outlet, reported on April 7 that SEC Chair Paul Atkins (폴 앳킨스) said the proposal is being reviewed by the Office of Information and Regulatory Affairs (OIRA) under the Office of Management and Budget (OMB), leaving one step before its release.

Atkins said the rules are designed around the Securities Act of 1933. He said they will cover standards for determining whether crypto transactions are securities, project fundraising and exemptions related to startups. He said the SEC aims to clarify the standards for which transactions it will treat as securities and what it will view as non-securities.

He also said the SEC will soon introduce an 'innovation exemption'. It would allow new business models and technologies to be tested within the regulatory framework. Atkins said, "It is important to see how it actually works and how the market responds, rather than the rule itself."

On the direction of the innovation exemption, he said it would not be designed to disadvantage existing businesses and benefit only startups. He said the aim is to strike a balance so that both existing businesses and new projects can experiment within the same framework.

Atkins also stressed that the SEC's rulemaking work is already under way regardless of legislative moves in Congress. He said, "Rulemaking will continue regardless of the midterm election results," underscoring the push to advance the policy despite external variables.

He said at the same time that the industry and investors need to participate politically. If Congress strays from the policy direction, market uncertainty could increase, he said, adding that active engagement by relevant stakeholders is needed for institutional stability.